How to Transfer a 401k from Fidelity to TIAA

Switching 401k providers isn’t just about transferring funds — it’s about ensuring your retirement plan reflects your long-term financial priorities. Individuals often consider new providers due to changing life circumstances, evolving savings goals, or a desire for different planning tools. Whether you’re consolidating accounts or exploring TIAA’s retirement services, a smooth transfer can support better account oversight while preserving your tax advantages.

At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform. This guide breaks down the steps to transfer your 401k from Fidelity to TIAA smoothly and penalty-free. Please note that while we try to provide the most up-to-date information, these processes are subject to change without notice, so be sure to check with your provider before moving forward.

Step 1: Understand Your 401k Transfer Landscape

Transferring a 401k from Fidelity to TIAA requires coordination between two financial institutions. Your objective is to move your retirement savings efficiently while avoiding unnecessary taxes or penalties.

What You’ll Need:

✅ Most recent Fidelity 401k statement

✅ Personal identification documents

✅ TIAA account information

✅ Social Security Number

✅ Information about your current employer-sponsored plan

Step 2: Choose the Right Transfer Method

A direct rollover is generally the preferred approach. It allows your funds to transfer directly from Fidelity to TIAA without you taking possession of the money, helping you avoid tax withholding and early withdrawal risks.

Common Transfer Types:

✅ Direct rollover (recommended for simplicity and tax protection)

✅ Indirect rollover (you receive funds and must deposit them within 60 days)

✏️ Hypothetical Example: If you transfer $50,000, a direct rollover means TIAA receives the full amount without you touching the funds, preventing potential 20% mandatory withholding.

Step 3: Gather and Complete Required Documents

Contact both Fidelity and TIAA to obtain the appropriate forms and understand their procedures. You’ll typically be asked to provide verification documents and specific transfer instructions.

📝 Pro Tip: Always request written confirmation of all instructions and retain copies for your records.

Step 4: Initiate the Transfer 

Begin by opening a Rollover IRA with TIAA, either online or with assistance from their support team. Once the account is set up, you can initiate the rollover from your Fidelity 401(k). Contact Fidelity to inform them of the impending transfer and provide any additional information they may require to process the rollover. Be prepared to provide:

✅ Your current account details

✅ TIAA’s receiving account information

✅ Specific transfer amount

Step 5: Confirm Transfer Timeline and Status

Ask both Fidelity and TIAA to provide:

✅ Confirmation of the transfer request
✅ Date funds are expected to move
✅ Transfer reference numbers
✅ Timeline estimates for processing

Typical Timeline:

Step 6: Check for Possible Fees

While most direct 401k rollovers are typically free, it’s important to verify whether either provider charges.

Other Potential Fees to Consider:

✅ Transfer-out or account closure fees
✅ Administrative or processing charges
✅ Fund redemption or transaction-related fees

Step 7: Navigate Tax Implications

A properly executed direct rollover preserves your account’s tax-deferred status. Ensure the transfer occurs between like accounts (traditional 401k to traditional 401k) to avoid generating taxable income.

📝 Important: Indirect rollovers and incorrect account pairings can trigger early withdrawal penalties or immediate taxation.

Step 8: Final Verification

After the transfer is complete:

✅ Verify the full amount has been transferred
✅ Confirm that the receiving account is the correct type
✅ Review your new account’s investment allocations
✅ Check for any unexpected fees or delays

📌 If you’re looking for more guidance, these resources may help:

Final Thoughts on Your 401k Transfer Journey

Transferring your 401k from Fidelity to TIAA involves careful navigation through several critical steps. Key takeaways include the importance of a direct rollover to help maintain the tax-deferred status of your retirement funds and minimize the risk of unnecessary tax consequences.

Be sure to gather your latest account statements, confirm the receiving account is properly set up, and complete all required authorization forms accurately. Double-check that your personal and financial information matches across both platforms to avoid delays.

While the process can take up to six weeks, approaching it step by step can make it more manageable. Staying organized and following through with verification on both sides will help ensure a smooth and timely transfer.

📌 Want to dive deeper? Here are some other helpful (and free) resources:

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Disclaimer:

The Carry Learning Center is operated by The Vibes Company Inc. (“Vibes”) and contains generalized educational content about personal finance topics. While Vibes provides educational content and technology services, all investment advisory services discussed on this website are provided exclusively through its wholly-owned subsidiary, Carry Advisors LLC (“Carry Advisors”), an SEC registered investment adviser. The information contained on the Carry Learning Center should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment, accounting, tax or legal strategy. Vibes is not providing tax, legal, accounting, or investment advice. You should consult with qualified tax, legal, accounting, and investment professionals regarding your specific situation.

The accounts, strategies and/or investments discussed in this material may not be suitable for all investors. All investments involve the risk of loss, and past performance does not guarantee future results. Investment growth or profit is never a guarantee. All statements and opinions included on the Carry Learning Center are intended to be current as of the date of publication but are subject to change without notice.

To access investment advisory services through Carry Advisors, you must be a client of Vibes on an eligible membership plan. For more information about Carry Advisors’ investment advisory services, please see our Form [ADV Part 2A] (https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=916200) brochure and [Form CRS] (https://reports.adviserinfo.sec.gov/crs/crs_323620.pdf) or through the SEC’s website at [www.adviserinfo.sec.gov] (http://www.adviserinfo.sec.gov/).